Building Costs Per Square Foot in the State of Nebraska, USA

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Nebraska 1819 51st Street PI Kearney NE68845 - 3 Beds and 2 Baths with 3 Attached Garages on Gross Floor Area 1,723 sqft - Built in 2022 - Price $489,900 (2)

Newly Built House in Nebraska 1819 51st Street PI Kearney NE68845 – 3 Beds and 2 Baths with 3 Attached Garages on Gross Floor Area 1,723 sqft – Built in 2022 – Price $489,900 (2)

 

Residential Construction Market Analysis in the State of Nebraska, USA

Building costs are 8% below the national average in the state of Nebraska, equivalent to New Mexico and closer to the state of Arkansas and Idaho by a deviation of 1%. One of the states of this country that is receiving more new inhabitants year after year is Nebraska. In the past few years, Nebraska has been a magnet for settlers looking for a new job, to change their careers, and to be in contact with the nature. This is due to the fact that it is home for industrial opportunities in manufacturing, agriculture, food production, green energy generation and other industries, offering a large number of well-paying jobs.

In Nebraska, there are towns for all tastes. If you love a serene, uncrowded and peaceful environment away from the hustle and bustle of the city, Red Cloud is a small town that has it all. For urban life enthusiasts, the biggest metropolitan areas are found in Bellevue, Lincoln and Omaha.

This diverse demographic and its growing industry that offers many jobs means that more and more people are looking to live or buy property here. If you are one of those people, or you are still undecided but want to know more, then you are in the right place. In this article, we will be especially dedicated to dealing with the Nebraska real estate market, talking about its particularities, trends, what can be expected to happen, and the real estate projects that are coming in the near future.

Nebraska Construction Outlook

Nebraska is a federated US state that is both one of the largest plains and Midwestern states. This makes it an attraction in the region, although something that plays against it and prevents more people from coming to live is its climate.

Nebraska has a much colder climate with mean daily temperatures not exceeding a maximum of 17 degrees Celsius. The climate largely corresponds to temperate climatic conditions. It’s cold and wet and some summer months are also included. This means that buildings have to be prepared to isolate people from these climates.

There are many houses that on the outside seem to be only made of wooden planks, but in reality, they have insulating materials to protect people from the cold. Snowfall is intense, so it is always recommended to build taking into account that the entrance may be completely covered in snow.

In the entire state there are very few tall buildings, in fact only in Omaha there are some that can resemble the typical skyscrapers that you would see in other big cities. Even the big buildings that are out there tend to be quite an 80s style and not the modern bay window buildings that are in other parts of the country.

Nebraska Housing Market Analysis and Forecast

Currently, it is a seller’s market in Nebraska, but due to trends in recent months, it may not only be a temporary spell. Confidence has increased with some homeowners beginning to overprice properties but buyers are taking a wait-and-see approach to snatch them when the price drops again, increasing the listing duration (number of days) on the market. This makes houses take longer to sell, spending an average of 50 days listed. Keep in mind that this is an average number, so there may be properties that take 90 days and others that are sold in less than a week. The time of sale depends on the type of property, its condition, and in what location it is located.

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Are you planning to invest in the real estate market in this region? Experts say that Nebraska is actually a great state to invest in real estate market. If you are looking for faster and overall better results, then you should definitely try and do it in the larger cities of the state like Omaha and Lincoln, where there is demand for new properties all year round. However, you should always ask for the help of an expert in the real estate market of this particular state, since there is usually large amounts of money involved.

Something that is affecting the real estate market in Nebraska is that for experts on the area, right now is probably not be the best moment to buy a house in Nebraska. Something that is causing concern among experts and workers of the Real Estate field is that mortgage rates and house prices in Nebraska are abnormally high, with even higher increases than last year. In any case, even with these points, Nebraska continues to be cheaper than other states, the negative side is that the values ​​are higher than it is estimated that they should be.

The cheapest towns to buy a property are Bellevue, Fremont, and Omaha or Council Bluffs. Lincoln and Keaney are usually the most chosen, since they are more attractive urban centers, with comforts that you would find in the big city but the charm of a small town.

Nebraska Average House Price (Median Home Price)

The price of a median home in Nebraska is $250,000, although the actual median appraised value is $218,939. This has to do with the inequality that we talked about in the previous point, where there are some sellers who value their houses at prices higher than those estimated.

Remember that by median home value we mean an average value throughout the state, which means it can vary depending on where you are. In small towns, you can find properties for less than $200,000 while in Lincoln they can go up to $300,000.

Also keep in mind that by median home we are talking about a house with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden. On the outskirts of the urban centers, you can find larger houses for less than $300,000, although in the cities they cost more than this number.

Proposed Residential Building Projects in Nebraska

Within the new projects, there are some buildings in Omaha and Lincoln, which have between 8 and 25 floors, generally with more than 40 apartments to receive families, single people, or people who want to have their own offices there.

There are some condominiums under construction in Lincoln and other smaller towns, which are a cheaper alternative to houses and also have room to accommodate families.

Nebraska 1819 51st Street PI Kearney NE68845 - 3 Beds and 2 Baths with 3 Attached Garages on Gross Floor Area 1,723 sqft - Built

Newly Built House in Nebraska 1819 51st Street PI Kearney NE68845 – 3 Beds and 2 Baths with 3 Attached Garages on Gross Floor Area 1,723 sqft – Built in 2022 – Price $489,900

Building Costs Per Square Foot for Single Family Homes in the State of Nebraska, USA (NATIONAL ESTIMATOR)

Building costs are 8% below the national average in the state of Nebraska, equivalent to New Mexico and closer to the state of Arkansas and Idaho by a deviation of 1%.

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Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Nebraska ranges from $317.30 per sqft to $486.40 per sqft, with the average being $374.46 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Nebraska ranges from $192.84 per sqft to $295.60 per sqft, with the average being $227.57 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Nebraska ranges from $124.66 per sqft to $189.35 per sqft, with the average being $145.95 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Nebraska ranges from $90.98 per sqft to $139.52 per sqft, with the average being $107.37 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Nebraska ranges from $73.85 per sqft to $113.10 per sqft, with the average being $87.08 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Nebraska ranges from $58.25 per sqft to $89.28 per sqft, with the average being $68.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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List of 10 Metropolitan Areas/Cities in Nebraska – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 895 municipalities and 1,281 special districts grouped into 93 counties in the state of Nebraska. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each metropolitan area in Nebraska is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Nebraska:

Nebraska Average -8% (-8% less than X)

  • Valentine 692 -15%
  • Alliance 693 -10%
  • Norfolk 687 -10%
  • Hastings 689 -9%
  • McCook 690 -9%
  • Nebraska Average -8%
  • Grand Island 688 -8%
  • Columbus 686 -7%
  • North Platte 691 -6%
  • Lincoln 683-685 -4%
  • Omaha 680-681 0%

The Metropolitan Area List above as well as the Bar Graphs below shows that Valentine is the cheapest city to build a private home in the state of Nebraska. Omaha is the most expensive city to build a home. Building costs are equivalent to the national average in Omaha and -15% below the national average in Valentine.

Cheapest Places To Build in Nebraska:

Valentine is the cheapest to place to build at -15% below the national average, followed by Alliance and Norfolk at -10% below the national average. The third cheapest place to build a house is Hastings and McCook at -9% below the national average, followed by Grand Island at -8% below the national average. The fourth cheapest place to build is Columbus at -7% below the national average, followed by North Platte at -6% below the national average.  The fifth cheapest place to build a home is Lincoln at -4% below the national average. Construction costs in Omaha are equivalent to the national average.

Expensive Places To Build in Nebraska:

If anything between 5% and 10% is considered expensive, then there is no such metropolitan area in Nebraska.

More Expensive Places To Build in Nebraska:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in Nebraska.

Very Expensive Places To Build in Nebraska:

The most expensive places to build a house in Nebraska are those 15% above the national average. There is no such metropolitan area in Nebraska.

Nebraska State Average Costs:

Private home building costs in the state of Nebraska are -8% below the national average. Building cost rates in the metropolitan area of Grand Island are equivalent to the Nebraska state average. Residential development costs in Hastings, McCook and Columbus are closer to the state average by a deviation of 1%. Nebraska and New Mexico are the second cheapest states to build a home in the United States after Idaho.


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